Aiming to help empower the potential of Indonesian musicians, TokoMall collaborated with Netra to present royalty-sharing NFTs from top musicians that can be accessed on the Collectibles feature.
Music has become one of the industries that TokoMall sees as having great potential and community in Indonesia. Music industry players are now starting to look at NFT as a technology that needs to be adapted to bring out the novelty of their works.
The application of NFT in the music industry is seen as one way to help overcome problems in the music industry such as royalties.
"The application of smart contracts in NFT allows us to ensure a continuous flow of royalties for creators in any industry who have made their work in the form of NFT. This is one of the more values of NFT for creative industry players who have faced challenges related to sustainability royalties from the works owned," explained Thelvia Vennieta, Head of TokoMall in a statement received by us, Friday (3/6/2022).
Netra is a web3 platform for artists to share music ownership and share royalties using the first Non-Fungible Token (NFT) in Asia. With Netra, fans can also have songs by their favorite artists.
In addition, Netra also offers a royalty sharing or 'listen-to-earn' system, where the NFT holder will be paid every time someone listens to the song.
"We believe that web3 and blockchain technology are the future of music, a fairer future, a more transparent future. This technology enables something that was previously impossible, for the public to have a part of the legacy of Indonesian music maestro. By collaborating with TokoMall, We hope to make it easier to access and expand this decentralized music revolution," said Setiawan Winarto, CEO of Netra.
Each NFT Netra symbolizes the ownership of a song by a top musician in the country, such as Titi DJ, Andra Ramadhan, Dewa Budjana, Indra Lesmana, and many others. After 3 months, NFT owners can claim streaming royalties via the dashboard on the Netra website.
The royalties will be collected from various platforms such as Spotify, Apple Music, YouTube, and others.
Currently, Netra has been officially introduced and is available at TokoMall on 27 May 2022. In addition, there will be many other top artists who will join Netra in the near future. Later on, the holders of NFT Netra will receive benefits in the form of sharing royalties. In addition, there will be a special collection of musicians that are only available at TokoMall, such as Titi DJ.
This step was taken to expand the Decentralized Music revolution in Indonesia. "Netra's main vision is to become a platform and partner for musicians to enter the world of Web3, Blockchain and Metaverse," explained Setiawan Winarto.